Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Equity

8. Equity

Common Stock

The Company charter provides for the issuance of up to 500,000,000 shares of common stock with a par value of $0.01 per share. The Company had 140,055,714 common shares issued and 139,840,088 common shares outstanding as of December 31, 2021and 132,848,720 common shares issued and outstanding which includes 7,306,984 shares of redeemable common stock as of December 31, 2020. On October 6, 2021, the Company effected a reverse split of shares of its common stock on a 2-for-1 basis. All references to common stock outstanding and per common stock share amounts have been restated to reflect the effect of the reverse stock split for all periods presented. On November 3, 2021, the Company completed an initial public offering of 5,524,934 shares of common stock at a price of $18.65 per share.

The following table provides a summary of the number of common shares issued and outstanding, including redeemable common shares, and average price per share since inception:

	Year Ended
Common Stock Outstanding	December 31, 2021			December 31, 2020 (1)		December 31, 2019 (1)
Beginning balance		132,848,720			129,348,720		102,036,901
Issuance of common shares		5,524,934			3,500,000		27,311,819
Conversion of fully vested RSUs to common shares		1,682,060			-		-
Repurchase of common shares		(215,626	)		-		-
Ending balance		139,840,088			132,848,720		129,348,720

(1) Amounts at December 31, 2020 and 2019, include fully vested RSUs, which includes 877,498 common stock underlying the vested RSUs.

Preferred Stock

The Company charter also provides for the issuance of up to 10,000,000 shares of preferred stock with a par value of $0.01 per share. On December 15, 2021, the Company redeemed 125 preferred shares at a price of $1,000 per share and there were no preferred shares outstanding at December 31, 2021. The Company had issued 125 and 250 preferred shares as of December 31, 2020 and 2019, respectively. All preferred shares had been issued at a price of $1,000 per share and were entitled to a 12.5% cash dividend, paid semi-annually.

Treasury Stock

The Company entered into an agreement (the “10b5-1 Purchase Plan”) with Morgan & Stanley Co. LLC, pursuant to which Morgan Stanley & Co. LLC, as the Company’s agent, will buy in the open market up to $25.0 million of the Company’s common stock in the aggregate during the period beginning on December 6, 2021 and ending at the earlier of 12 months and the date on which all the capital committed to the 10b5-1 Purchase Plan is expended.  The 10b5-1 Purchase Plan will require Morgan Stanley & Co. LLC to purchase for the Company shares of the Company’s common stock when the market price per share is below the book value per common share, subject to certain daily limits prescribed by the 10b5-1 Purchase Plan.  For the period from December 6, 2021 through December 31, 2021, the Company repurchased 215,626 shares of common stock under the repurchase program at an average price per share of $16.71 for a total of $3.6 million.

Dividends

The following table details the Company’s dividend activity for common, redeemable common, vested restricted stock units and preferred stock (in thousands, except per share data):

	For the Quarter Ended
	March 31, 2021				June 30, 2021				September 30, 2021				December 31, 2021
	Amount		Per Share		Amount		Per Share		Amount		Per Share		Amount		Per Share
Dividends declared - common stock, redeemable common stock and vested restricted stock units	$	50,000	$	0.37	$	50,000	$	0.37	$	50,000	$	0.37	$	51,741	$	0.37
Dividends declared - preferred stock	$	4	$	0.03	$	4	$	0.03	$	4	$	0.03	$	4	$	0.03
Record Date - common stock, redeemable common stock and vested restricted stock units	March 19, 2021				June 16, 2021				September 17, 2021				December 31, 2021
Payment Date - common stock, redeemable common stock and vested restricted stock units	April 1, 2021				July 7, 2021				October 7, 2021				January 15, 2022

	For the Quarter Ended
	March 31, 2020				June 30, 2020				September 30, 2020				December 31, 2020
	Amount		Per Share		Amount		Per Share		Amount		Per Share		Amount		Per Share
Dividends declared - common    stock, redeemable common    stock and vested restricted    stock units	$	56,000	$	0.43	$	59,000	$	0.44	$	50,000	$	0.37	$	50,000	$	0.37
Dividends declared - preferred    stock	$	8	$	0.03	$	8	$	0.03	$	8	$	0.03	$	8	$	0.03
Record Date - common stock,    redeemable common stock    and vested restricted stock    units	March 4, 2020				June 18, 2020				September 29, 2020				December 22, 2020
Payment Date - common stock,    redeemable common stock    and vested restricted stock    units	April 2, 2020				July 1, 2020				October 1, 2020				January 4, 2021

	For the Quarter Ended
	March 31, 2019				June 30, 2019				September 30, 2019				December 31, 2019
	Amount		Per Share		Amount		Per Share		Amount		Per Share		Amount		Per Share
Dividends declared - common    stock, redeemable common    stock and vested restricted    stock units	$	46,100	$	0.44	$	46,800	$	0.44	$	48,000	$	0.41	$	55,000	$	0.46
Dividends declared - preferred    stock	$	8	$	0.03	$	8	$	0.03	$	8	$	0.03	$	8	$	0.03
Record Date - common stock,    redeemable common stock    and vested restricted stock    units	March 15, 2019				June 14, 2019				September 17, 2019				December 1, 2019
Payment Date - common stock,    redeemable common stock    and vested restricted stock    units	April 1, 2019				June 27, 2019				October 1, 2019				January 2, 2020